State Controller’s Office Releases April Cash Update
The state controller’s office (SCO) released its monthly report Wednesday detailing California’s cash balance, receipts and disbursements for April 2013.While total revenues for the fiscal year through the end of April exceed projections contained in the Governor’s proposed 2013-14 state budget by $4.6 billion (6.41 percent), revenues for the month of April were $119.9 million below (-0.8 percent) budget estimates with a total of $15.03 billion.The report showed corporate taxes were $6.6 million above (0.5 percent) monthly estimates and sales tax receipts $113.4 million above (26.6 percent) estimates. Personal income taxes for the month came in lower than projected by $275 million (-2.2 percent).
The SCO noted that for the first time in nearly six years, the state closed out a month without borrowing from internal state funds to pay its bills. The state ended the last fiscal year with a cash deficit of $9.6 billion. As of April 30, that cash deficit totaled $5.8 billion and was covered with $10 billion of external borrowing that the state will begin repaying later this month.
If you have any questions on this issue, please do not hesitate to contact Kevin Gould, CBA’s senior vice president and director of state government relations, at firstname.lastname@example.org or (916) 438-4410.